Alexander Lebedev has revealed in a Times interview today why he has acquired the loss-making London Evening Standard. It is "an act of public service" rather than to make any money.

He tells the interviewers that he is prepared to lose £30m "even though he is already $1bn poorer as a result of the credit crunch. "The depression and online is hitting the printed press", he says. "I would be happy if the newspaper breaks even."

He insists that the Standard's editorial policy will be in the journalists' hands and he would not mind if his new editor, Geordie Greig, brought with him a "flavour" of his former berth at Tatler.

Lebedev also reveals that he would be "the happiest person" if he could buy The Independent as well, adding: "Once we have gone through the global crisis it might become much easier."